All Forum Posts by: James Devoe

@Michael Dumler thank you, that was helpful. I actually just emailed the seller to try and renegotiate with her. Turns out, she also put in the contract that I need to have the inspection done by 10/8/21 and if I pull out of the deal after that, I loose my deposit. Also, she has a closing date of 10/12/21. 

Hello Everyone,

I have an offer accepted by an off market seller.

The problem is, they want a $10,000 holding cost on the property.

Is this too much to be asking for an off-market house going for $320k?

Is there a way to get that money back if the deal doesn't work out?

Any advice would be deeply appreciated

@Jessica Tsao I would like to get as much funding on this deal as possible.

@Kristen L Garner What is a DSCR loan?

@Grant Thompson, 

So are you saying that I'm only getting 0.7 Return on this investment with my current offer?

Hello everyone, 

I'm having a little bit of trouble figuring out the BRRRR calculation on this property, for some reason it says my ROI is over 20% in one area, but then when I look at it yearly, it says the 1st year is only around 7%.

Is this still a good deal?

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Andy Thompson, I would love to get a more experienced investor in on this (or any) deal with me and share equity. The problem is, I don't know anyone with experience. 

@Kris L. @Ryan Kelly, I was told by a Hard-money Lender to 1st find a deal, then reach out to Hard-money lenders to find out about approval. I couldn't get a standard mortgage due to my low credit score. I'm still waiting for an answer from a few other lenders but it seems the only thing left to do is find someone to co-sign on a mortgage with me. 

@Kristen L. Garner, I've never heard of that type of loan. What's involved in getting one? What kind of rate? How much will they cover?

Hello everyone, 

So I just had my 1st offer accepted, now the seller wants to know how much is the loan you are seeking from their lending institution? Documents to be provided: Loan approval. Prove of funds to close the transaction banks statement.

The problem is, I haven't been approved for any loans yet. I have a low credit score (below 650), so I can't get a traditional mortgage. I've applied to several hard-money lenders and I've been denied by 3 of them. My offer was accepted this past Monday and the seller wants an answer soon. 

Any advice? 

@Russell W.

That being the case, would it even pay to get a Hard-money loan? Or would I be better off simply trying to partner up with someone who can co-sign on the deal?

@Jason Shackleton

My potential seller is an older woman and I don't want her to feel troubled by the thought of having the a long term loan that she's involved in. I'm not entirely sure that she's even going to accept this alternative as that she doesn't entirely understand how it works. I may, instead have to find another creative means of funding this deal such as a Hard-money lender.